Russia's richest man, Oleg Deripaska, has held talks with General Motors about buying Hummer, the brand of gas-guzzling cars modelled on the US army's heavily armoured Humvee combat vehicles.

The billionaire oligarch has had "exploratory" contact with GM although any deal is some way of, sources close to the negotiations told Reuters.

Hummer's future has been in the balance since early June when GM announced a strategic review of the business and called in Citigroup to advise on financial options. Sales of the vehicles have plummeted by 40% in the US this year.

Deripaska, who is worth an estimated $28bn, made his fortune in aluminium but recently delved into the motor industry by purchasing a stake in Canadian car parts manufacturer Magna International. He is thought to be keen on getting Magna involved in making Hummers.

A GM spokeswoman declined to comment on the discussions, saying only: "We are working through the process of a strategic review of Hummer."

Loathed by environmentalists, the typical Hummer consumes a gallon of petrol every 10 to 15 miles, weighs in at a hefty 2.6 tonnes and costs at least $50,000. Owners of the lumbering vehicles have included Wayne Rooney, Johnny Hallyday and Arnold Schwarzenegger.

The cars have fallen victim to soaring fuel prices which have prompted consumers in the US and Europe to look for smaller, more fuel-efficient vehicles. Hummer sales have collapsed in the US although the vehicles remain popular in emerging markets including Russia.

Deripaska recently overtook Chelsea football club's owner, Roman Abramovich, to top Russia's rich list. He owns a $50m mansion in Belgravia and is chairman of the aluminium company RusAl, which has been weighing up a floation on either the Hong Kong or London stockmarket.

Detroit-based GM has suffered heavy losses and is anxious to sell assets to raise money.

Speaking on a visit to Thailand yesterday, GM's chief executive, Rick Wagoner, said: "We are getting some significant interest in our asset sales, including Hummer, but probably it won't be completed immediately."

Other possible buyers for Hummer include India's Mahindra & Mahindra, which is thought to have contacted GM about a possible deal.